“There are approximately 4,000 remaining complaints that need to be resolved, but the majority have been resolved.
This has provided significant relief to several MSMEs. Also, it makes them eligible for additional credits, additional purchases,” he said.
Finance Minister TV Somanathan said on Thursday that the Union government has settled 43,904 claims worth Rs 700 crore of micro, small and medium enterprises (MSMEs) under the Vivad se Vishwas II scheme ( contract dispute), was announced in the budget for FY24.
“There are approximately 4,000 remaining complaints that need to be resolved, but the majority have been resolved. This has provided significant relief to several MSMEs. Also, it makes them eligible for additional credits, additional purchases,” he said. MSME claims worth Rs 700 crore resolved: End Secy
“There are approximately 4,000 remaining complaints that need to be resolved, but the majority have been resolved. This has provided significant relief to several MSMEs. Also, it makes them eligible for additional credits, additional purchases,” he said.
Finance Minister TV Somanathan said on Thursday that the Union government has settled 43,904 claims worth Rs 700 crore of micro, small and medium enterprises (MSMEs) under the Vivad se Vishwas II scheme ( contract dispute), was announced in the budget for FY24.
“There are approximately 4,000 remaining complaints that need to be resolved, but the majority have been resolved.
This has provided significant relief to several MSMEs. Also, it makes them eligible for additional credits, additional purchases,” he said. The Vivad se Vishwas II program was launched on July 15 to resolve bidding-related disputes and the deadline for submitting complaints by contractors is October 31. Recently, the Department of Expenditure later extended the deadline to December 31.
This system applies to all domestic contract disputes where one of the parties is the Government of India or government enterprises. Under this scheme, for court awards made on or before April 30, 2023, the amount of payment given to the contractor will be 85% of the net amount awarded/determined by the court. receive. For arbitration awards entered on or before January 31, 2023, the proposed settlement amount may be up to 65 percent of the net amount awarded.
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